Republic of Equatorial Guinea, Article IV consultation, 2008

Republic of Equatorial Guinea, Article IV consultation, 2008

International Monetary Fund | May 14, 2008
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An economic overview and analysis of Equatorial Guinea by the IMF.

"Equatorial Guinea has recorded one of Africa’s fastest growth rates over the past decade, as its petroleum industry has expanded and diversified into oil derivatives. Oil production is currently the third largest in sub-Saharan Africa. Oil and its derivatives now account for around 85 percent of GDP and 95 percent of fiscal revenues, and virtually all exports. Strong oil revenues have allowed the accumulation of sizable foreign assets, and significant scaling up of infrastructure spending that is addressing many critical priorities, but also raising absorptive and administrative capacity concerns. Equatorial Guinea’s strategy to diversify into downstream activities will strengthen its longer-term economic and fiscal sustainability.  

Economic reforms will be guided by a NDP with a 2020 horizon, which is underpinned by a macro-fiscal framework that takes account of hydrocarbon resource exhaustibility. Fiscal policies are targeting a slight reduction in the non-oil deficit in 2007 and a more substantial one over time. The authorities continue to negotiate with CEMAC partners on reforms to the Bank of Central African States (BEAC) and have premised remittance of overseas deposits to satisfactory resolution of these issues. Equatorial Guinea has adequate resources to alleviate poverty and achieve the MDGs, though weak public financial management and limited access to education and health care have so far impeded progress..."

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